最高法院通過保護美聯儲免受政治積極進取的人員變更來保證市場

美國最高法院週四向金融市場和中央銀行家放心

The U.S. Supreme Court on Thursday signaled that the Federal Reserve remains immune to politically motivated personnel changes, a move that will likely reassure financial markets and central bankers.

美國最高法院週四表明，美聯儲仍然不受政治動機的人事變更的影響，此舉可能會使金融市場和中央銀行提升。

What Happened: In a 7-2 ruling that grants President Donald Trump broader authority to remove federal officials, the Court upheld the recent dismissal of two federal labor board members by Trump.

發生了什麼：在7-2的裁決中，總統唐納德·特朗普（Donald Trump）更廣泛的權力撤職，撤職聯邦官員，法院維持了最近被特朗普駁回了兩名聯邦勞工委員會成員。

Crucially, the Court's opinion also signaled that the Fed stands separate from other government agencies, structuring it as a “uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks.”

至關重要的是，法院的意見還表明，美聯儲與其他政府機構分開，將其構成“獨特的，準私人的實體，遵循第一銀行和第二銀行的獨特歷史傳統。”

That brief statement helps quell fears that Trump might try to fire Federal Reserve Chair Jerome Powell, a move that would likely rattle global financial markets.

這一簡短的聲明有助於平息擔心特朗普可能會試圖解僱美聯儲主席杰羅姆·鮑威爾（Jerome Powell），這一舉動可能會騷擾全球金融市場。

See More: Jerome Powell Says Fed Is Prepared To Adjust Rate Hikes If Needed

查看更多：杰羅姆·鮑威爾（Jerome Powell）說，美聯儲準備在需要時調整加息

Trump's frustrations with Powell, and his threat to fire him, have been well-documented. Throughout his first term, Trump lashed out at the Fed Chair for not cutting interest rates more aggressively.

特朗普對鮑威爾的挫敗感，以及他對解僱他的威脅，已得到充分記錄。在他的第一任期中，特朗普在美聯儲主席猛烈抨擊，因為他們沒有更積極地降低利率。

suggesting on several occasions that he could remove Powell.

在幾次中，他可以去除鮑威爾。

Recently, Trump has once again floated the idea, criticizing Powell over the Fed's stance on rate adjustments despite signs of slowing inflation.

最近，特朗普再次提出了這一想法，儘管跡象表明通貨膨脹率放緩，但仍批評鮑威爾對利率調整的立場。

"They say no, but I can fire Jerome Powell," Trump said last week during a meeting with economists at the White House.

特朗普上週在與白宮的經​​濟學家會面時說：“他們說不，但我可以解僱杰羅姆·鮑威爾。”

However, Thursday's Supreme Court ruling makes it clear that while the president may have expanded authority over traditional independent agencies - like the National Labor Relations Board (NLRB) and the Merit Systems Protection Board (MSPB) - the Federal Reserve is different.

但是，週四的最高法院裁決明確指出，儘管總統可能已經擴大了對傳統獨立機構的權力，例如國家勞資關係委員會（NLRB）和績效系統保護委員會（MSPB），但美聯儲卻不同。

"Congress may create independent administrative agencies, and it may decide, in structuring those agencies, to place limits on the president's power to remove agency officials," Kagan wrote in the majority opinion, which was joined by Chief Justice John Roberts and Justices Clarence Thomas, Samuel Alito, Neil Gorsuch, and Brett Kavanaugh.

卡根（Kagan）在多數意見中寫道：“國會可能會建立獨立的行政機構，並決定在構建這些機構時，以限制總統罷免機構官員的權力。”

"But Congress's decision to create such an agency is fundamentally a matter of "political judgment' and policy preference," Kagan added.

Kagan補充說：“但是國會決定建立這種機構的決定從根本上講是“政治判斷”和政策偏好的問題。

"That judgment is expressed in the statutes Congress enacts and in the structure of the administrative institutions Congress creates."

“該判決是在國會法規中表達的，並在國會創造的行政機構的結構中表達。”

The ruling saw Justices Elena Kagan, joined by Justices Sonia Sotomayor and Ketanji Brown Jackson, dissent sharply, arguing that the decision undermines decades of legal precedent and stated congressional intent by allowing presidents to dismiss agency heads without cause.

該統治者看到了大法官埃琳娜·卡根（Elena Kagan），由大法官索尼亞·索托馬約爾（Sonia Sotomayor）和凱琳吉·布朗·傑克遜（Ketanji Brown Jackson）迅速持不同意見，認為這一決定破壞了數十年的法律先例，並通過允許總統駁回代理機構的負責人無效。

"The implications of today's ruling are sweeping and serious," Kagan wrote in her dissenting opinion.

卡根（Kagan）在反對意見中寫道：“當今裁決的含義是徹底而嚴肅的。”

"The Court's holding eviscerates bedrock principles of administrative law and threatens to disrupt the stability of critical federal institutions."

“法院的裁定是行政法的基岩原則，並威脅要破壞關鍵聯邦機構的穩定。”

Kagan highlighted the risk of destabilizing agencies whose work impacts millions of Americans - and indirectly, the economy - alluding to the potential chaos a political shake-up at the Fed might trigger.

Kagan強調了破壞穩定機構的風險，這些機構的工作影響了數百萬美國人，並間接地暗示了潛在的混亂，這可能會引髮美聯儲的政治動盪。

"The upshot is an economically disastrous no-win scenario: Continue paying outlays that threaten to bankrupt the Treasury, or shut down large swaths of the government and devastate the lives of millions of Americans," Kagan warned.

卡根（Kagan）警告說：“取消事物是一種經濟上災難性的無勝利場景：繼續支付有可能破產國庫的武器，或關閉了大量政府並摧毀了數百萬美國人的生活。”